Bulgaria's outgoing Prime Minister Kiril Petkov said on Friday his centrist PP party was likely to drop plans to propose a new coalition government because it had failed to secure a parliamentary majority for the time being.

"At this moment, I think the mandate (to form a government) will be returned, unfortunately, without the support of 121 deputies," Petkov told reporters during a visit to the Greek city of Komotini.

Petkov's party has until 5 pm local time (1400 GMT) to tell President Rumen Radev whether or not it will propose a new government. (Reporting by Tsvetelia Tsolova, Editing by William Maclean)